How Many Foreigners Bought Properties in Turkey?
The Turkish real estate market has been a focal point of attention for both domestic and foreign investors in recent years. From 2013 to 2022, the market witnessed a significant influx of foreign capital .In this blog post, we will dive into the sales statistics for foreign investments in the Turkish real estate market during this period.
2013 to 2022 $47.7 Billion Sales
Over the course of the decade spanning 2013 to 2022, Turkey attracted a remarkable $128.9 billion in direct foreign investment. What’s particularly striking is that a substantial portion of this capital, amounting to $47.7 billion or 37% of the total, was attributed to real estate purchases by foreign investors. This demonstrates the growing confidence in Turkey’s real estate sector as a lucrative avenue for international investment.
Zooming out, looking at the broader timeline from 2002 to 2022, Turkey experienced a total influx of $254.2 billion in foreign capital. Within this sum, an impressive $69.6 billion, equivalent to 27.4% of the total, was attributed to real estate transactions involving foreign buyers. This underlines the sustained appeal of Turkish properties among international investors over the years.
Top Investors by Nationality: Iraq, Russia, Iran
Examining the period from 2015 to 2022, it’s interesting to note that Iraqi citizens emerged as the leading buyers of residential properties among foreigners, purchasing a total of 49,013 units. Russia secured the second spot with 38,465 units, closely followed by Iran with 38,187 units. This data highlights the diverse appeal of Turkish real estate, drawing interest from a range of countries.
Popular Destinations within Turkey, Istanbul is the Leader
Throughout this timeframe, Istanbul stood out as the most sought-after destination for foreign property buyers, with a remarkable 138,840 residential units sold. The city’s cultural significance, economic vitality, and diverse real estate offerings contributed to its prominence. Antalya, with 90,266 units sold, secured the second spot, further underlining the appeal of coastal properties in Turkey.
Total Sales in 10 Years is Almost 360.000 Units
The removal of limitations on property purchases by foreign nationals through the enactment of the “Mütekabiliyet Yasası” (Reciprocity Law) in May 2012 had a profound impact. From the time of its implementation until the end of March 2023, the number of properties sold to foreign buyers in Turkey reached to almost 360,000 units. This regulatory change played a pivotal role in driving foreign interest in the Turkish real estate market.